Group 1 - The USDA reported that for the week ending January 22, 2026, the net sales of U.S. soybean meal for the 2025/26 marketing year reached 464,300 tons, a 13% increase from the previous week and an 82% increase from the four-week average [1] - Brazil's soybean exports are projected to be 1.89245 million tons for the period of January 25-31, up from 267,640 tons the previous week, while soybean meal exports are expected to be 531,710 tons, an increase from 302,410 tons [1] Group 2 - Brazil's early soybean harvest is underway, with expected production around 180 million tons, setting a new historical record, despite rain delays in harvesting [2] - Argentina's soybean production faces downward adjustment risks due to high temperatures and drought conditions [2] - The U.S. government is expected to finalize the 2026 biofuel blending quotas in early March, likely abandoning punitive measures on renewable fuel and feedstock imports, which may support soybean prices [2] - Domestic soybean supply is currently ample due to increased imports last year, with soybean and soybean meal inventories at historical highs [2] - Short-term market dynamics lack strong upward drivers, but protein meal prices have reached absolute lows, limiting further downside potential [2] - The domestic supply of imported soybeans is robust, with strong downstream stocking demand supporting soybean meal prices, while long-term trends suggest a continued bottoming out [3]

Group 1 - The USDA reported that private exporters sold 190,000 tons of U.S. soybean meal to the Philippines for delivery in the 2025/26 marketing year [1] - The European Commission indicated that as of January 15, the EU's soybean imports for the 2025/26 marketing year reached 6.7 million tons, a 16% decrease year-on-year, while soybean meal imports totaled 9.9 million tons, down 10% year-on-year [1] - On January 21, the total soybean meal transaction volume at major national oil mills was 154,500 tons, a decrease of 45,400 tons from the previous trading day, with spot transactions accounting for 116,800 tons [1] Group 2 - According to Everbright Futures, concerns are rising that U.S. soybean exports may stagnate again following China's 12 million tons procurement, as the current price structure makes U.S. soybeans less competitive [2] - Brazil's soybean harvest rate has exceeded 2%, with Mato Grosso state progressing the fastest at an estimated 7%, leading some institutions to raise Brazil's soybean production forecast to over 180 million tons, with estimates ranging from 170 million to 182.2 million tons [2] - Domestic soybean meal is expected to remain volatile, with oil mills maintaining prices amid logistics disruptions due to snowfall, resulting in lower crushing volumes and a third consecutive week of declining soybean meal inventories [2] Group 3 - New Century Futures noted a seasonal decline in domestic soybean arrivals, but oil mills maintain high soybean inventories and operating rates, leading to ample soybean meal supply [3] - The upcoming Chinese New Year is expected to drive concentrated fattening in livestock, creating a replenishment demand from feed enterprises, which will support soybean meal consumption [3] - Market focus before the holiday will center on South American weather, soybean arrival schedules, and logistics efficiency during the Spring Festival [3]

Core Viewpoint - The soybean meal futures market is experiencing fluctuations with a slight weekly increase, while export data from Brazil shows a decrease compared to last year, indicating mixed signals in the market [1][2]. Market Performance - As of December 26, 2025, the main soybean meal futures contract closed at 2790 CNY/ton, with a weekly decline in open interest by 29,425 contracts [1]. - During the week of December 22-26, the soybean meal futures opened at 2735 CNY/ton, peaked at 2801 CNY/ton, and dipped to a low of 2719 CNY/ton, resulting in a weekly change of 1.97% [1]. Export Data - Brazil's SECEX reported that soybean meal exports from December 1 to 19 reached 1.655 million tons, down from 2.052 million tons during the same period last year [2]. - On December 25, the total soybean meal transaction volume in major oil mills across the country was 142,300 tons, a decrease of 42,200 tons from the previous trading day, with spot transactions at 41,800 tons [2]. Price Trends - On December 25, the spot prices for 43% soybean meal in East China showed stability with slight increases, including prices of 3020 CNY in Taizhou, 3030 CNY in Taixing, 3070 CNY in Zhoushan (up 10 CNY), 3090 CNY in Ningbo (up 10 CNY), and 3060 CNY in Wuhu [2]. Institutional Insights - According to Everbright Futures, the market remains cautious regarding China's purchasing pace, with recent USDA reports indicating net sales of 2.3962 million tons of U.S. soybeans, including 1.383 million tons to China [4]. - Zhengxin Futures noted that domestic soybean procurement for the near term is nearly complete, while long-term procurement is gradually advancing, with sufficient soybean and soybean meal inventories in the short term [4]. - The tightening of customs clearance policies is providing some support for soybean meal futures, but increased U.S. soybean purchases may eliminate future gaps, suggesting a continued bottoming trend in the medium to long term [4].

Report Industry Investment Rating - No investment rating information is provided in the report. Core Viewpoints - For the vegetable oil sector, the overall rebound strength has decreased, and it is likely to be mainly in a weak oscillation. It is recommended for intraday trading with a long - term bearish mindset [1][3]. - For the two - meal (bean meal and rapeseed meal) sector, there is a low - level rebound, and one should wait for the end of the rebound to find new selling points [3][4]. Summary by Relevant Catalogs Vegetable Oil Market Review - On December 23, the departure of a large number of short - sellers drove the overall rebound of the vegetable oil sector. The closing prices and changes of various contracts are as follows: - Soybean oil: The Y2605 contract closed at 7772 yuan/ton, with a daily - closing - price increase of 0% and a daily reduction of 1716 lots; the Y2609 contract closed at 7718 yuan/ton, with a 0.31% increase and a reduction of 648 lots [1]. - Palm oil: The P2605 contract closed at 8486 yuan/ton, with a 0.86% increase and an increase of 3972 lots; the P2609 contract closed at 8372 yuan/ton, with a 0.89% increase and an increase of 759 lots [1]. - Rapeseed oil: The OI2605 contract closed at 8847 yuan/ton, with a 0.19% decrease and an increase of 4135 lots; the OI2609 contract closed at 8848 yuan/ton, with a 0.23% decrease and an increase of 114 lots [1]. Important Information - International oil prices rose on December 23 due to strong US economic growth and potential supply disruptions. The most actively traded February crude oil futures contract on NYMEX rose 37 cents or 0.64%, settling at $58.38 per barrel [1]. - As of the end of November, the soybean oil inventory of NOPA member companies was 1.513 billion pounds, up 15.95% from the end of October and 39.58% year - on - year. The EPA is expected to finalize the 2026 RVO next year, which pressured the soybean oil market [1]. - Indian buyers have locked in large - scale soybean oil purchases from South America from April to July 2026, at 150,000 tons per month [1]. - From December 1 - 20, Malaysia's palm oil production decreased by 7.15% month - on - month, with the FFB yield down 6.26% and the OER down 0.17% [1]. - Indonesia's B50 implementation has been postponed to the second half of 2026 [1]. - From December 1 - 20, Malaysia's palm oil exports were 851,057 tons, a 2.4% increase from November 1 - 20. Exports to China were 102,000 tons, a decrease of 4,000 tons from the previous month [1]. - In October, Indonesia's palm oil exports were 2.8 million tons, a nearly 3% decline from the same period last year. Its crude palm oil production was 4.35 million tons, and the inventory at the end of October was 2.33 million tons, lower than the previous month's 2.59 million tons [1]. - As of the end of the 51st week of 2025, the total inventory of the three major domestic edible oils was 2.2936 million tons, a weekly decrease of 17,700 tons, a 0.77% month - on - month decrease, and an 8.30% year - on - year increase [1][3]. Market Logic - Externally, supply concerns and a strong US economy drove the rebound of crude oil, but poor export expectations and the delay of the US biofuel policy pressured US soybean oil. For Malaysian palm oil, despite the rise in international crude oil, overall inventory pressure in Southeast Asia and inactive purchases from major consuming countries led to a lack of rebound momentum [3]. - Domestically, for soybean oil, factory inventory decreased by 25,000 tons, indicating short - term supply shortages, but high oil - mill crushing volumes and operating rates coexisted with cautious purchasing by traders. For palm oil, attention should be paid to whether the rebound of Malaysian palm oil can continue. Domestic palm oil inventory increased, and technically, the 05 contract faced pressure from the 20 - day moving average. For rapeseed oil, the inventory at East China ports continued to decline, and the spot price fluctuated with the market, with the basis showing a narrow - range adjustment [3]. Trading Strategy - Unilateral trading: Exit short - term long positions in vegetable oils, conduct intraday trading for new orders, and maintain a long - term bearish mindset. Provide support and resistance levels for various contracts [3]. - Arbitrage: None available [3]. Two - Meal (Bean Meal and Rapeseed Meal) Market Review - On December 23, the double - meal futures were boosted by the possible conversion of Cofco auctions into targeted sales. The closing prices and changes of various contracts are as follows: - Bean meal: The M2605 contract closed with a 0.15% increase and an increase of 17,263 lots; the M2609 contract closed with a 0.21% increase and an increase of 5,965 lots [3]. - Rapeseed meal: The RM2605 contract closed with a 0.51% increase and an increase of 15,829 lots; the RM2609 contract closed with a 0.42% increase and an increase of 1,550 lots [3]. Important Information - The USDA estimates that in the 2026/2027 season, US farmers will reduce corn planting and increase soybean planting to 85 million acres. Previously, S&P Global predicted a 4% increase in US soybean planting in 2026, from 81.1 million acres in 2025 to 84.5 million acres [3]. - On Friday, private exporters reported selling 134,000 tons of soybeans to China for delivery in the 2025/26 season [3]. - As of December 11, 97% of the 2025/26 Brazilian soybean planting was completed, up from 94% a week ago. The stable rainfall was beneficial for the final planting and growth [3][4]. - StoneX predicts that the 2025/26 Brazilian soybean production may reach 178.9 million tons, higher than the USDA's previous estimate of 175 million tons [4]. - As of December 13, the Brazilian soybean planting rate was 94.1%, compared with 90.3% last week, 96.8% in the same period last year, and a five - year average of 90.6% [4]. - ANEC expects Brazil's soybean exports in December to be 3.57 million tons, up from the previous week's estimate of 3.33 million tons [4]. - US farmers welcomed the $12 billion agricultural aid plan but believed it was far from enough to cover the losses of $34 - 44 billion this year [4]. - As of the end of the 51st week of 2025, the domestic imported soybean inventory was 764,600 tons, a decrease of 40,900 tons from last week. The domestic bean meal inventory was 109,200 tons, a 1.38% increase from last week; the contract volume was 467,000 tons, a 28.36% decrease from last week. The domestic imported rapeseed inventory was 6,000 tons, unchanged from last week [3][4]. - On December 19, the planned auction of imported soybeans by Cofco was 550,143.732 tons, with an actual transaction of 179,701.674 tons, a transaction rate of 32.66%, and an average transaction price of 3751 yuan/ton [4]. Market Logic - Externally, the strengthening of international crude oil and the depreciation of the US dollar drove US soybeans to stop falling and stabilize. Domestically, most oil - mill fixed - price quotes remained stable, with individual increases of 10 - 20 yuan/ton. Under high - inventory pressure, traders replenished stocks in a rolling manner, and feed mills maintained safety stocks and made rigid purchases. For rapeseed meal, the supply of high - protein rapeseed meal in North and South China was relatively tight, so the basis quotes rose slightly, and it is expected to have strong support below and fluctuate within a range in the short term [4]. Trading Strategy - Unilateral trading: Wait for the end of the low - level rebound of bean meal and rapeseed meal to find new selling points. Provide support and resistance levels for various contracts [4][5]. - Arbitrage: None available [5].

Group 1: General Information - Reported industry: Soybean meal [1] - Date: December 1, 2025 [2] - Research team: Agricultural products research team, including Yu Lanlan, Lin Zhenlei, Wang Haifeng, Hong Chenliang, and Liu Youran [4] Group 2: Market Review and Operational Suggestions Market Review - The US soybean futures contract on the external market was closed today, with the main contract at 1130 cents. The USDA's November monthly supply and demand report showed that the yield per unit was lowered from 53.5 bushels to 53 bushels, and the export item was reduced from 1.685 billion bushels to 1.635 billion bushels. The ending inventory was slightly lowered to 290 million bushels, which was bearish. The US NOPA's October crushing data exceeded expectations and reached a record high for a single month [6]. - The domestic soybean meal fluctuated at a high level this week following the CBOT soybeans. After the China - US reached a phased agreement, the domestic soybean meal returned to the cost - pricing model of CBOT soybeans. There is support at the bottom due to cost increase and low crushing profit, but there is also inventory pressure [6]. Operational Suggestions - The recent volatility may decrease, and it should be treated as a high - level oscillation. For options, pay attention to the straddle short - selling strategy [6]. Contract Data | Contract | Previous Settlement Price | Opening Price | Highest Price | Lowest Price | Closing Price | Change | Change Rate | Trading Volume | Open Interest | Change in Open Interest | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Soybean Meal 2601 | 3039 | 3055 | 3060 | 3041 | 3044 | 5 | 0.16% | 622626 | 1297132 | - 48625 | | Soybean Meal 2603 | 3015 | 3054 | 3054 | 3026 | 3036 | 21 | 0.70% | 95620 | 543481 | 13990 | | Soybean Meal 2605 | 2836 | 2828 | 2855 | 2828 | 2845 | 9 | 0.32% | 398648 | 1462928 | 46714 | [6] Group 3: Industry News - As of the week of November 16, 2025, the US soybean harvest rate was 95%, compared with 98% in the same period last year and a five - year average of 96% [9]. - On November 18, private exporters reported selling 792,000 tons of soybeans to China for delivery in the 2025/2026 market year [9]. - The Brazilian Soybean Industry Association (Abiove) predicted that Brazil's 2025/26 soybean production would be a record 177.7 million tons, with a predicted crushing volume of 60.5 million tons and an export volume of 111 million tons in 2026 [10].

Core Insights - Soybean futures experienced a mixed trading session, with contracts closing 10 to 12 cents higher despite initial weaker action [1][2] - A significant increase in preliminary open interest was noted, rising by 8,252 contracts [1] - The national average cash price for soybeans increased by 10 cents to $9.35 [1] Market Performance - Soymeal futures declined by $1 in nearby October contracts, while other contracts remained steady to 80 cents higher [1] - Soy Oil futures showed an increase of 73 to 93 points [1] - November 25 Soybeans closed at $10.13, up 11.25 cents, while January 26 and March 26 contracts also saw increases [4] External Factors - President Trump's announcement regarding a discussion on soybeans with President Xi of China contributed to late-session buying [2] - EIA data indicated that soybean oil usage in biodiesel reached 1.108 billion pounds in July, marking the highest level in 8 months but slightly below last year [3] - StoneX's estimate for the US soybean crop was 53.9 bushels per acre, a 0.7 bushel increase from the previous month, with total production estimated at 4.326 billion bushels [3]

1. Report Industry Investment Rating No relevant information provided. 2. Core View of the Report - For the vegetable oil market, due to Argentina's zero - tariff export of soybeans and derivatives, existing short positions in vegetable oils should gradually take profits, and new positions should wait for buying opportunities. Traders can place price - setting orders. For the double - meal market, short positions in double - meals should take profits and exit, and those not yet entered the market should wait and see for buying points after stabilization [1][2][3]. 3. Summary According to Relevant Contents Vegetable Oil Market Market Conditions - On September 23, affected by Argentina's zero - tariff export of soybean series, global vegetable oil futures prices tumbled. The main contracts of soybean oil, palm oil, and rapeseed oil all decreased in price and positions, with the main soybean oil contract Y2601 closing at 8086 yuan/ton, down 3.35% day - on - day [1]. Important Information - International oil prices rose on September 23 due to the impasse in the agreement to restart Iraqi Kurdish oil exports. - The US EPA plans to redistribute the biofuel blending obligations exempted by the Small Refinery Exemption (SRE) program to large refineries, with two main options of 50% and 100% quota distribution. The public comment period lasts until the end of October, and a decision may be made in late November or December 25. - In August 2025, China's palm oil imports were 340,000 tons, a 33.60% increase from the previous month and a 15.17% decrease from the same period last year. - Argentina temporarily abolished export taxes on soybeans and their derivatives, corn, and wheat until October 31 or until the export volume reaches $7 billion. - Canada launched a $370 million biofuel production incentive program to boost domestic rapeseed consumption. - From September 1 - 20, Malaysia's palm oil production decreased by 7.89% month - on - month, with the fresh fruit bunch (FFB) yield down 6.57% and the oil extraction rate (OER) down 0.25%. - From September 1 - 20, Malaysia's palm oil exports were 1,010,032 tons, an 8.7% increase from August 1 - 20. Exports to China were 30,400 tons, lower than the previous month. - As of the 38th weekend of 2025, the total inventory of the three major domestic edible oils was 2.6773 million tons, a 1.68% week - on - week decrease and a 22.80% year - on - year increase [1][2]. Market Logic - Externally, Argentina's cancellation of soybean oil and meal export tariffs and the continuous reduction of non - commercial net long positions in CFTC soybean oil led to the decline of US soybean oil and Malaysian palm oil. Domestically, soybean supply is sufficient, oil mill operating rates are around 65%, and soybean oil supply is abundant. Rapeseed oil is still in the process of inventory reduction, and palm oil is in the process of inventory accumulation [2]. Trading Strategy - Unilateral: Existing short positions in vegetable oils should gradually take profits, and new positions should wait for buying opportunities. Traders can place price - setting orders. Provide support and resistance levels for each contract. - Arbitrage: No relevant arbitrage strategy is provided [2]. Double - Meal Market Market Conditions - On September 23, affected by Argentina's zero - tariff export of soybeans and derivatives, double - meal futures prices tumbled. The main contracts of soybean meal and rapeseed meal all decreased in price and increased in positions, with the main soybean meal contract M2601 closing at 3250 yuan/ton, down 3.49% day - on - day [2]. Important Information - Argentina temporarily abolished export taxes on soybeans and their derivatives, corn, and wheat until October 31 or until the export volume reaches $7 billion. - As of the week ending September 18, 2025, US soybean export inspections were 484,116 tons, at the lower end of market expectations, a 41% decrease from the previous week and a 3% decrease from the same period last year. - As of September 21, the US soybean harvest was 9% complete, with a good - to - excellent rate of 61%. - Brazil's soybean exports in September 2025 are estimated to be 7.43 million tons, a 44% increase from the same period last year. - As of the 38th weekend of 2025, the domestic imported soybean inventory was 770,800 tons, an increase from the previous week, and the imported rapeseed inventory was 66,000 tons, a decrease from the previous week. The domestic soybean meal inventory was 124,600 tons, an increase from the previous week [2][3]. Market Logic - Externally, Argentina's zero - tariff policy on soybean series affected the global soybean market, but the continuous decline of US soybeans is limited. Domestically, oil mill spot prices have decreased, and near - month basis has increased. The terminal's willingness to replenish inventory at low prices has improved. Rapeseed meal spot transactions are limited, and institutional long - short games have intensified [3]. Trading Strategy - Unilateral: Short positions in double - meals should take profits and exit, and wait for buying points after stabilization. Provide support and resistance levels for each contract. - Arbitrage: Consider a long - short spread trade for soybean meal 1 - 5 contracts. Temporarily exit on September 23 and wait for subsequent stabilization [3].

Core Viewpoint - Domestic soybean meal prices are experiencing a downward trend, with a recent drop of 20 yuan/ton, while trading activity remains relatively high [1] Price Summary - As of September 16, 2025, soybean meal prices in Tianjin are reported at 3030 yuan/ton for 43% protein content, consistent across multiple traders [2] - The futures market shows the main soybean meal contract closing at 3041.00 yuan/ton, with a slight decline of 0.33% [2] Shipping and Inventory Data - In the second week of September 2025, a total of 113.69 million tons of soybean meal were shipped, a decrease from 180.93 million tons in the same period last year, but with an average daily shipment increase of 31.95% [3] - As of September 12, major oil mills in the country hold 1.15 million tons of soybean meal in inventory, with expectations to reach around 1.20 million tons by the end of September [4] Market Analysis - According to a report from Jianxin Futures, China has not yet begun purchasing U.S. soybeans as the harvest season approaches, maintaining a 23% import tariff. The country is expected to rely on Brazilian soybeans as a primary substitute, with potential imports from Argentina, although a small import gap may still exist [5] - The market sentiment is cautious, with traders adopting a wait-and-see approach due to unfavorable USDA reports and potential trade changes, leading to a short-term outlook of low-level fluctuations [5]

Group 1 - The core viewpoint indicates a slight increase in soybean meal prices in Northeast China, with specific prices reported for various locations [1] - As of July 9, the national soybean meal price in Beijing is 2870 yuan/ton, while in Tianjin it is 2860 yuan/ton, reflecting market trends [1] - The soybean meal futures market closed at 2947.00 yuan/ton on July 9, with a daily trading volume of 895,519 contracts [1] Group 2 - On July 8, major oil mills in China sold 14.58 million tons of soybean meal, an increase of 6.13 million tons from the previous trading day, with 12.58 million tons sold in the spot market [2] - According to the EU Commission, soybean meal imports for the 2024/25 year reached 19.39 million tons, up from 15.28 million tons the previous year [1] - The USDA weekly crop progress report indicates that as of June 29, the good-to-excellent rating for U.S. soybeans is 66%, below market expectations [3]

Report Industry Investment Rating No information provided. Core Viewpoints of the Report - The rapeseed meal RM2509 is expected to fluctuate in the range of 2540 - 2600. The market is influenced by factors such as the low inventory of rapeseed meal and the tariff on Canadian oil residue cakes, but the lack of tariff on Canadian rapeseed imports limits the upside potential. In the short - term, the market is expected to remain range - bound due to the influence of imported rapeseed inventory and soybean meal prices [9]. Summary by Directory 1. Daily Hints No information provided. 2. Recent News - Domestic aquaculture has entered the peak season, with expectations of improved supply in the spot market and good demand. - Canada's annual rapeseed production has slightly decreased, supporting the foreign futures market. China has imposed additional tariffs on Canadian rapeseed oil and oil residue cakes, and an anti - dumping investigation on Canadian rapeseed imports is ongoing. - Global rapeseed production has slightly decreased this year, mainly due to reduced production in the EU and lower - than - expected production in Canada. - The Russia - Ukraine conflict continues, with the reduction in Ukraine's rapeseed production offset by the increase in Russia's production. There is still a possibility of an escalation in global geopolitical conflicts, which may support commodity prices [11]. 3. Bullish and Bearish Factors - **Bullish Factors**: China's additional tariffs on Canadian rapeseed oil and oil residue cakes, and the low inventory pressure of rapeseed meal in oil mills [12]. - **Bearish Factors**: The listing of domestic rapeseed in June, and the uncertainty of the anti - dumping investigation on Canadian rapeseed imports, along with the seasonal off - peak demand for rapeseed meal [13]. - **Main Logic**: The market focuses on domestic aquaculture demand and the expectation of the Canadian rapeseed tariff war [13]. 4. Fundamental Data - **Supply and Demand Balance Sheets**: The report provides domestic rapeseed and rapeseed meal supply - demand balance sheets from 2014 - 2023, including data on harvest area, inventory, production, consumption, and inventory - to - consumption ratio [25][26]. - **Price and Transaction Data**: It shows the average transaction price and volume of soybean meal and rapeseed meal from June 26 to July 7, as well as the price difference between them. The rapeseed meal futures and spot prices from June 27 to July 7 are also presented, along with the change in rapeseed meal warehouse receipts during the same period [14][16][17]. - **Inventory and Production Data**: The import volume of rapeseed in July is lower than expected, with slightly fluctuating import costs. The inventory of rapeseed in oil mills has rebounded from a low level, while the rapeseed meal inventory remains low. The amount of rapeseed crushed in oil mills has slightly decreased [27][29][31]. - **Aquatic Product Data**: The production and price data of Chinese aquatic products, including fish, shellfish, and shrimp - crabs, are mentioned. The price of aquatic fish has slightly fluctuated, while the price of shrimp and shellfish has remained stable [33][35][39]. 5. Position Data No information provided. 6. Rapeseed Meal Views and Strategies - **Fundamentals**: Rapeseed meal has oscillated and declined, affected by soybean meal prices and technical adjustments. Low rapeseed meal inventory in oil mills and the peak season of short - term demand support the market, but the lack of tariff on Canadian rapeseed imports limits the upside potential [9]. - **Basis**: The spot price is 2500, with a basis of - 79, indicating a discount to the futures price, which is bearish [9]. - **Inventory**: The rapeseed meal inventory is 0.46 tons, a week - on - week decrease of 58.18% and a year - on - year decrease of 84.67%, which is bullish [9]. - **Market**: The price is below the 20 - day moving average and trending downward, which is bearish [9]. - **Main Position**: The main long positions have decreased, but capital has flowed in, which is bullish [9]. - **Expectation**: Rapeseed meal is expected to remain range - bound in the short - term, affected by the low inventory of imported rapeseed and the tariff on Canadian oil residue cakes, as well as the influence of soybean meal prices [9].